The Maharlika Investment Corporation (MIC) has secured a 20 percent stake in the National Grid Corporation of the Philippines (NGCP) through a binding agreement with Synergy Grid and Development Philippines Inc. (SGP), marking a pivotal step in the country’s energy sector. The deal was formalized Monday in Malacañang, in the presence of President Ferdinand Marcos Jr., with MIC president Rafael Consing Jr. and SGP chairman Henry T. Sy Jr. leading the signing.
The acquisition, the first major investment for the sovereign wealth fund MIC, grants the government increased oversight in NGCP’s operations. The agreement includes two board seats at both SGP and NGCP, strengthening the government’s role in the management of critical power infrastructure. With the transaction, MIC aims to bolster the nation’s energy security, safeguard against external threats, and lower risks of power outages.
The Department of Energy (DOE) welcomed the development, saying that it supports the government’s goal to ensure reliable, affordable, and competitive energy in line with the Philippine Development Plan (PDP) 2023-2028. The DOE highlighted the strategic importance of the transmission sector, noting that the MIC’s investment could facilitate smoother coordination with NGCP, enhance transmission efficiency, and attract more investments in the power generation sector.
This acquisition is especially significant as NGCP, which has managed the country’s power grid since 2009, is 40 percent owned by China’s State Grid Corporation and 60 percent by a consortium of Filipino investors led by the Sy and Coyiuto families. MIC’s entry into NGCP marks a shift toward greater government involvement in the nation’s energy infrastructure, with the potential to influence future transmission and power development projects.
